TORONTO, ON / ACCESSWIRE / July 12, 2022 / Magna Terra Minerals Inc. (the "Company" or "Magna Terra") (TSXV:MTT) is pleased to announce that it has initiated exploration on its 100%-controlled Hawkins Love Gold Project ("Hawkins Love" or "Project"), located in Southern New Brunswick (Exhibit A). The program includes prospecting and mapping of five (5) new gold targets identified through soil geochemistry over an 8-kilometre strike (see news release dated February 17, 2022).
Project Highlights
- Quartz vein boulders* with visible gold assaying up to 302.5 g/t gold;
- Soil samples assaying up to 10.0 g/t gold including 276 soil samples >10 ppb gold and 21 samples >50 ppb gold;
- Five (5) gold targets recently identified on geophysics and gold-in-soil trends discovered along the Back Bay Fault (Exhibits B and C);
- 8-kilometre trend of anomalous gold in soil anomalies and grab samples from five (5) gold targets situated along the Back Bay Fault;
- New gold targets at Hawkins Love share a similar geological environment to the nearby Clarence Stream Deposit - deformed sediments and volcanics adjacent to the St. George granite; and
- 9,155 hectares of prospective mineral lands along a 10-kilometre extent of a regional-scale gold bearing structure - the Back Bay Fault.
*Note: "grab and float samples" are selected samples and are not necessarily indicative of mineralization that may be hosted on the property.
"We are keen to follow-up at Hawkins Love on the five new gold targets identified in our Summer 2021 field program. The size of each target, in close proximity to the Saint George Batholith and Back Bay Fault system, provides an excellent opportunity for the Company to make a near term discovery in this underexplored area. Hawkins Love is located within a similar geological environment to Galway's multi-million ounce Clarence Stream Project. Furthermore, we see similarity in the tenor and scale of the gold anomalies at Hawkins Love, forming a compelling opportunity for discovery on the project. Our current goal is to demonstrate the presence of in-situ gold across these target areas and to discover new areas that have the potential to host significant gold mineralization. This detailed prospecting and mapping program will direct future follow-up work that may include geophysical surveys and trenching to define further targets for a future drilling program as we advance the Project".
~ Lew Lawrick, President and CEO, Magna Terra Minerals Inc.
Compelling New Gold Prospects Developing
The recently identified gold targets at the Hawkins Love Project, are hosted in the same geological environment as the Clarence Stream deposit 40 kilometres away, owned by Galway Metals. The Clarence Stream Gold Deposit currently has an NI43-101 combined open-pit and underground Indicated Mineral Resources of 922,000 ounces of gold (12,396,000 tonnes at 2.31 g/t gold) and Inferred Mineral Resources of 1,334,000 ounces of gold (15,963,000 tonnes at 2.60 g/t gold).
The Hawkins Love gold targets are nested along a 10-kilometre long prominent structure known as the Back Bay Fault system that is 3.0 kilometres wide and locally coincident with the southern contact between the Saint George Batholith and the Mascarene Group volcanic and sedimentary rocks. (See Exhibits A and B). The purpose of this program will be to further delineate the 5 Hawkins Love gold targets and advance them to the drill stage.
Exhibit A: Regional Geology and Gold Deposits of Southern New Brunswick with Magna Terra Project Locations.
Exhibit B: Property Geology and Gold Anomalies; Hawkins Love Project.
Exhibit C: Five Exploration Targets based on gold-in-soil geochemical trends; Hawkins Love Project.
Target Area Details
The exploration work to date completed by the team at Magna Terra, has outlined five (5) significant geochemical and structural target areas at the Hawkins Love Project; the Jake Lee, Hawkins, Love, New River 1 and New River 2 gold targets.
The Jake Lee gold target is a zone of anomalous soils and has been outlined over an extent of 1.7 by 2.7 kilometres, with 54 soil samples assaying greater than 20 ppb gold and up to 256 ppb gold and >10,000 ppb gold, over a strike length of 1.7 kilometres that coincides with high tenor, historic stream silt samples assaying up to 5,280 ppb gold in an area of bedrock base metal (Cu, Pb, Zn) mineralization (Exhibit C). A soil sample assaying >10,000 ppb gold (>10 g/t gold; upper detection level) is located at the southern extent of the Jake Lee target and forms a priority target for follow-up prospecting.
The Love gold target includes 32 high tenor soil samples assaying > 20 ppb gold and up to 208 ppb gold occur over an area of 2.8 by 1.0 kilometres with the highest tenor soils located 500 to 1,000 metres down-ice (southwest) of historic, visible gold-bearing boulders* assaying up to 302.5 g/t gold.
The Hawkins gold target includes 12 anomalous soil samples assaying greater than 20 ppb gold and up to 683 ppb gold coincide with know bedrock base metal (Cu, Pb, Zn) mineralization and form a target over a 1.0 by 0.6 kilometre area.
The New River 1 gold target includes 9 anomalous soil samples assaying greater than 20 ppb gold and up to 52 ppb gold form a target over a 1.4 by 0.7 kilometre area.
The New River 2 gold target includes 10 anomalous soil samples assaying greater than 20 ppb gold and up to 460 ppb gold forms a target over a 1.2 by 0.6 kilometre area.
The Hawkins Love Property is characterized by an area with a complex glacial geological history with areas that have thin glacial till cover and other areas covered by thicker glacial till blankets and glacial-fluvial material. The soil anomalies show a consistent southeast directed glacial dispersion, where transport of gold-bearing soils from a source located up-ice from the northwest extent of the soil trend is likely, typically near the deformed northern margin of the Mascarene group in proximity to granitoids of the St. George Batholith (Exhibit C).
Qualified Person and Technical Reports
This news release has been reviewed and approved by David A. Copeland, P. Geo., Chief Geologist with Signal Gold Inc., a "Qualified Person", under National Instrument 43-101 - Standard for Disclosure for Mineral Projects. All quoted rock and soil samples and grades have been compiled from historic assessment reports obtained from the Government of New Brunswick as well as recently acquired data.
All rock float and grab samples and soil samples referred to in this release were analyzed for gold at ALS Global in North Vancouver, BC ("ALS"), using standard fire assay (30 g) pre-concentration or fire assay fusion with Atomic Absorption finish (method AU-AA23). ALS is a fully accredited firm within the meaning of NI 43-101 for provision of this service.
About Magna Terra
Magna Terra Minerals Inc. is a precious metals focused exploration company, headquartered in Toronto, Canada. Magna Terra owns two district-scale, resource stage gold exploration projects in the top-tier mining jurisdictions of New Brunswick and Newfoundland and Labrador. Further, the Company maintains a significant exploration portfolio in the province of Santa Cruz, Argentina which includes its precious metals discovery on its Luna Roja Project, as well as an extensive portfolio of district scale drill ready projects available for option or joint venture.
Forward Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statements Regarding Forward Looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian legislation. All statements in this news release that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations and orientations regarding the future including, without limitation, the ability of the Company to file a report that complies with Regulation 43-101. Although the Company believes that such statements are reasonable and reflect expectations of future developments and other factors which management believes to be reasonable and relevant, the Company can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans", "may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, and the ability of the author of the Technical Reports to finalize same.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include the inability of the Company to execute its proposed business plans, and carry out planned future activities. Other factors may also adversely affect the future results or performance of the Company, including general economic, market or business conditions, future prices of gold, changes in the financial markets and in the demand for precious metals, changes in laws, regulations and policies affecting the mineral exploration industry, and the Company's investment and operation in the mineral exploration sector, as well as the risks and uncertainties which are more fully described in the Company's annual and quarterly management's discussion and analysis and in other filings made by the Company with Canadian securities regulatory authorities under the Company's profile at www.sedar.com. Readers are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly, are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements.
These forward-looking statements are made as of the date of this news release and, unless required by applicable law, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in these forward-looking statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Magna Terra Minerals Inc.
Lewis Lawrick
President and CEO, Director
647-478-5307
Email: info@magnaterraminerals.com
Website: www.magnaterraminerals.com
SOURCE: Magna Terra Minerals Inc.
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